All change at Hornby after activist investor campaign

Activist investor New Pistoia Income has sold its stake in lossmaking British toymaker Hornby but succeeded in seeing the removal of Roger Canham as chairman of the company. On Wednesday, Phoenix Asset Management said it had acquired a majority stake in Hornby after buying the entire 20.9 per cent stake of New Pistoia, raising its stake to 55.2 per cent. Shortly afterwards, Hornby announced that Mr Canham, who is both chairman of the toy company and Phoenix Asset Management, had resigned from its board. New Pistoia has been agitating for change at Hornby for months. Hornby shareholders have a choice of selling out of the company or remaining as a minority.